Monday 05 December 2022 - 3:44:10 pm

DLD, Dubai FDI cooperate to promote and attract FDI

DUBAI, 3rd March, 2021 (WAM) -- Dubai Land Department (DLD) and Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, joined forces to lay down a general framework that would enhance the attractiveness of investment in Dubai by attracting foreign direct investment (FDI), expanding the scope of promotions and knowledge sharing as well as organising joint activities that will directly serve the strategic objectives of the emirate.

To achieve these objectives, the two parties signed a Memorandum of Understanding (MoU) defining the relevant areas of cooperation and laying out a roadmap.

In the presence of Sultan Butti bin Mejren, Director-General of the DLD; Sami Al Qamzi, Director-General of Dubai Economy, and several officials from both parties, the MoU was remotely signed by Fahad Al Gergawi, CEO of Dubai FDI, and Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at the DLD.

The MoU focusses on the most prominent areas of cooperation between the two parties, which include cooperation and the exchange of information in promoting and attracting investments of all kinds under the laws and regulations in Dubai.

According to the agreement, both parties are committed to encouraging, enhancing and facilitating FDI and developing cooperation in the areas of business. They will also cooperate in organising local and international events and exhibitions, which includes organising digital and non-digital exhibitions and seminars to attract foreign investment to Dubai, joint cooperation in exchanging knowledge, information and best practices applied by them, and a commitment to permanent and effective cooperation in streamlining all matters that would facilitate the affairs of both parties and investors towards working together.

Sultan Butti bin Mejren commented, "Dubai has an investment environment that is attractive to FDI and has demonstrated its sustainability despite the global outbreak of COVID-19. This confirms the efforts of the wise leadership to constantly consolidate and strengthen the emirate’s position through new legislation and laws, such as the new foreign investment law that allowed for full foreign ownership in many economic sectors, as well as expand the scope of granting long-term golden residencies to different investor groups, which would enhance their trust and make Dubai the preferred place to live, work and invest."

Highlighting the pivotal role that FDI plays in the economic development of Dubai, Sami Al Qamzi said, "Dubai is geographically positioned at the centre of global trade and investment. Recognising the potential of this, our leaders have given us a clear mandate to develop legislation, regulation as well as collaboration among the various government departments to strengthen this economic foundation. DLD has played an important role in developing one of the most crucial sectors that has a strong impact on economic development in the city."

Fahad Al Gergawi welcomed the collaboration, saying, "Real estate is one of the most significant aspects of company formation, and DLD has a clear strategic and tactical vision of how this sector plugs into the city’s drive to attract foreign direct investment."

Majida Ali Rashid said, "We are constantly working to develop and improve the attractiveness of the real estate sector and promote available investment opportunities, which foreign investors can obtain in the emirate’s real estate market."